The legalization of online casinos in the U.S. may not be as fast as the acceptance of online sports betting, but it’s growing steadily. With the allure of massive tax revenues while keeping their citizens safe from unregulated online casinos, states such as Wisconsin are starting to look into letting online casinos into their markets.
And with online casino bonuses for those who can access them legally, it’s no wonder that people are flocking to operators with the best games and offers. These bonuses allow users to start playing with a nice deposit bonus to pad their bankroll and play more. Some sites even offer free spins and prizes.
Only six states in the U.S. have legal online casinos at the moment, but will Wisconsin join them soon? Let’s find out what Wisconsin could gain once online casinos are legalized.
Increased tax revenue
Casinos in general are a huge revenue source and online casinos are quickly becoming just as profitable as their land-based counterparts. In 2021, the industry witnessed its revenues grow to $155 billion – from just six states.
And while states may not get the entirety of that massive revenue, their tax rates of up to 20 percent guarantee a good payday. That translates into more funds for the state to use towards public projects such as tackling homelessness and improving schools.
More jobs for the labor market
Online casinos generating more jobs might initially sound counterintuitive but both concepts go hand in hand. As online casino operators enter a state’s market, they need staff to maintain their gaming servers and help customers with their problems. They also need people to develop or update the games they offer, their website and their mobile app.
As a result, online casino operators generate a lot of jobs that most people don’t see. This enables people of all skill levels to acquire gainful employment, which can help stimulate the state’s economy.
Less foot traffic for physical casinos
During the Covid-19 pandemic, physical casinos had to close down because of lockdown requirements. As a result, casino players turned to online games to get their fill.
But as the lockdown lifted, more and more people realized that they enjoyed the convenience of playing online casino games at home or on the go. This increase in convenience has resulted in a decrease in visitors to physical casinos, which is a significant disadvantage to tribal-owned casino resorts.
Development of even more secure financial technology
As states demand more and more security from online casinos, the business of developing secure financial systems is rapidly gaining ground. And because financial technology applies to industries beyond online casinos, everyone benefits from safer online banking standards.
What does all this mean for Wisconsin?
Wisconsin is currently not one of the six states that allow legal online casinos within its borders, and it doesn’t look like the situation will change anytime soon. But what exactly is the state missing that the others are currently enjoying? Let’s find out.
More revenue for the state
States with legal online casinos can collect even more tax revenue, as mentioned. They typically impose high tax rates, sometimes as high as 20%, but operators are happy to pay. The money that players spend typically outweighs the fees operators must pay the state.
Of course, Wisconsin is doing fine, even without the extra cash infusion. But there’s no denying that the state could achieve much more if it had the additional revenue from online casinos.
More jobs available for its citizens
Unemployment figures have worsened since the pandemic but online casinos can help solve that for states. Online casinos generate over a million jobs across six states, so a few hundred thousand people per state now have a job to support themselves with. This allows them to put money back into their local economy, helping the state overall.
More support for Wisconsin-based teams and athletes
Online casino operators are usually online bookmakers, so these companies strike deals with major local teams for partnerships and promotions. That partnership enables teams to improve their facilities to further nurture local talent.
For Wisconsin, that means better-maintained stadiums and more publicity for their home-grown athletes.
Is Wisconsin missing out by not having online casinos?
At the moment, it’s hard to say how impactful online casinos would be for Wisconsin but the extra cash the industry generates can only benefit the state. Not only does it provide the state government with more funds to undertake public projects but it also provides more jobs for its citizens.
But perhaps the most critical benefit is the security afforded to Wisconsin residents. Those who really want to play online casino games will find a way somehow, but that exposes them to shady operators that could scam them. By legalizing online casinos, Wisconsin players can rest easy, knowing that they’re playing at a reputable operator.